Adani Ports and Special Economic Zone sells Myanmar Port for USD 30 million
Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has concluded the Myanmar Port sale for a total consideration of USD 30 million. In May 2022, APSEZ had announced signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port. The SPA had certain Condition Precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer.
APSEZ in a statement said given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on "as is where is" basis. Thereby the buyer and seller have renegotiated the sale consideration to USD 30 million, it added.
According to the statement, the buyer will pay the said amount to the seller within 3 business days on completing all the necessary compliance by the seller.
On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded, it said.
APSEZ chief executive officer and whole-time director Karan Adani said, "This exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the risk committee in October 2021.
The project had run into controversy after it was reported that APSEZ chief executive Karan Adani had in July 2019 met Senior General Min Aung Hlaing, the Myanmar's army chief who led a coup against the elected government.
In August, 2021, APSEZ had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.
APSEZ, the largest port developer in India, is part of the globally diversified Adani Group.
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APCR files complaint against news anchor Ajit Hanumakkanavar over Pakistan flag row
Bengaluru: The Association for Protection of Civil Rights (APCR) has lodged a complaint with the Bengaluru Assistant Commissioner of Police against Asia Net Suvarna News and its anchor, Ajit Hanumakkanavar, accusing them of spreading communal hatred.
APCR General Secretary Mohammed Niyaz submitted a memorandum to the Assistant Commissioner of Police in RT Nagar, alleging that during a broadcast on May 9, 2024, Ajit Hanumakkanavar used the Indian flag to represent the Hindu population and the Pakistani flag to represent Muslims. This program was aired on television and on the channel's YouTube platform.
According to the complaint, the program discussed the Population Report released by the Prime Minister's Economic Advisory Council (EAC-PM), which claims that the share of Hindus in India has decreased by 7.8% between 1950 and 2015. Niyaz, a high court lawyer, argued that Hanumakkanavar's use of national flags as metaphors for religious communities was not only misleading but also fostered fear among viewers about the changing demographics in India compared to other countries where Muslim populations are lower.
Niyaz urged the Assistant Commissioner to take legal action against both the channel and the anchor, arguing that the tone and tenor of the program were designed to incite fear and promote divisiveness based on religious identities.
